2011 2010
£ 000 £ 000
Creditors and accruals (366) (693)
Included in the creditors and accruals balance is £355,000. (2010: £333,000) which is not allocated to members.
Creditors include £241,000 (2010: £285,000) due to ALSTOM Ltd.
After the year end three pensioners have been identified who were paid their lump sum benefit and contribution to the annuity provider post year end whose retirement dates were pre year end. The aggregate impact of these payments on the fund account, were they to be processed, would result in a fall in the fund account by £65,442.
14 TAXATION
The Plan is registered under the Finance Act 2004.
Constitution
The Plan was established and is governed by a definitive Trust Deed dated 5 April 2006.
The Registration number of the Plan is 10274962.
Taxation status
The Plan is registered under Chapter 2 Part 4 of the Finance Act 2004. The Trustee knows of no reason why this status may be prejudiced or withdrawn.
Matters relating to the Plan’s Advisers
All advisers listed on pages 2 and 3 have been appointed by the Trustee.
Changes to Plan constitution, rules or basic information
A Deed of Amendment dated 4 April 2011 was executed to amend the rules to allow for salary sacrifice of pension contributions.
Transfers
All transfer values paid and received offered the full cash equivalent of early leavers’ non-discretionary rights in the Plan.
The Pension Tracing Service
The Pension Tracing Service’s main purpose is to provide a tracing service for members (and their dependants) of previous employers' plans, who have lost touch with earlier employers and trustees. To trace a benefit entitlement under a former employer's scheme, enquiries should be addressed to:
Pension Tracing Service The Pension Service Tyneview Park Whitley Road
Newcastle Upon Tyne NE89 1BA
Telephone: 0191 225 6316
Website: www.thepensionservice.gov.uk
The information provided includes details of the address at which the Trustee of the Plan may be contacted.
The Pensions Advisory Service
Any concern connected with the Plan should be referred to the Secretary of the Trustee, who will try to resolve the problem as quickly as possible. Members and beneficiaries of occupational pension plans who have problems concerning their plan which are not satisfied by the information or explanation given by the administrators or the trustees can consult with The Pensions Advisory Service. A local adviser can usually be contacted through a Citizen's Advice Bureau. Alternatively The Pensions Advisory Service can be contacted at:
11 Belgrave Road London SW1V 1RB
Telephone: 0845 601 2923
E-mail: [email protected] Website: www.pensionsadvisoryservice.org.uk
Pensions Ombudsman
In cases where a complaint or dispute cannot be resolved, normally after the intervention of The Pensions Advisory Service, an application can be made to the Pensions Ombudsman for him to investigate and determine any complaint or dispute of fact or law involving occupational pension plans. The address is:
11 Belgrave Road London SW1V 1RB
Telephone: 0207 630 2200
E-mail: [email protected] Website: www.pensions-ombudsman.org.uk
All of the Trustee Directors have completed and passed the Pensions Regulator’s trustee’s online assessment on defined contribution plans.
Michael Atkin
Mike has extensive experience of the role of Member Nominated Director having fulfilled the role with previous employers and is now entering his second term of office with this Plan, having been re-elected in April of this year. Mike is Tendering Manager working for Boiler and Plant Solutions and is located in Ashby. Previous employers have included Aitons, International Combustion, Norwest Holst, Capper Pipeworks and Vinci and roles have embraced the complete cycle from Marketing to Final Account including General and Operations Management.
Helena Austin
Helena is the Human Resources Director, Alstom UK, and has been with Alstom since 2000. Helena's professional HR experience spans 20 years both in the UK and internationally. Key experiences include the management of Employee Relations issues within UK and Europe, formulating and planning remuneration strategies and implementation of benefit schemes, expatriate management and associated policies and systems to support international mobility of employees. Helena was appointed as a Company Nominated Director of the Alstom Defined Contribution Plan on 1 March 2007.
Stephen Burgin
Stephen Burgin joined GEC in 1975 as a student apprentice, and has worked for most of his career within the electricity transmission and distribution industry. Stephen worked in various senior management posts in GEC and GEC Alstom up to 1993 before moving to ABB and then back to Alstom based in Paris in 2001. In January 2008 Stephen was appointed UK Country President of ALSTOM Ltd. He has an honours degree in Electrical Engineering and is a Fellow of the Institution of Engineering and Technology. He is currently the Chair of Governors of Staffordshire University. Steve is married, has three daughters and enjoys skiing, golf and keeping fit. He was appointed as a Company Nominated Director and Chairman on 1 April 2008.
Phil Derges
Phil is a Contracts Manager in Alstom’s Steam Turbine Retrofit business at Rugby. He joined Alstom in March 2009 from Rolls-Royce plc. Phil has over twenty years’
experience in commercial management and general management roles in the UK, fifteen at director level. He has worked in the marine, industrial power and aerospace sectors.
He is a Solicitor and a law graduate with a Masters degree in Business Administration.
Phil has a working wife and a son. Phil is a former Director of the Midlands Aerospace Alliance and a former member of a Regional Assembly scrutiny panel. Phil has qualified as a PADI Advanced Open Water Diver and holds a Pilots Licence for Microlight Aeroplanes. Phil was elected and appointed as a Member Nominated Director of the Alstom Defined Contribution Plan on 1 November 2009 for a three-year term.
Paul Naughton
Paul is a Project Planner within Alstom Power and is primarily located in Newcastle although he has supported Alstom offices in Stafford, Rugby, Ashby, Paris and Oslo since joining the company. He has been working for Alstom since 2005 and has previous experience in the Customer Service and Financial industries. He is married and has a son and a daughter who take up all his spare time. He enjoys most sport and is a committed Newcastle United fan and season ticket holder. Paul was elected and appointed as a Member Nominated Director of the Alstom Defined Contribution Plan on 1 November 2006. Paul was re-elected as a Member Nominated Director trustee of the Plan on 1 November 2009 for a three-year term.
Cedric Olier
In February 2010, Cedric was appointed Benefits Manager for Alstom in Switzerland after more than two years as Benefits Analyst at Alstom's headquarters in France. He has previously worked for Ernst & Young in France and Luxembourg, auditing and advising on retirement and other employee benefit topics. Cedric holds a degree in actuarial mathematics and is an actuary member of the French Institute of Actuaries. Cedric was appointed as a Company Nominated Director of the Alstom Defined Contribution Plan on 15 April 2010.
In the Report we refer to the benchmark. These are recognised stock-market indices against which the investment funds are compared.
The benchmarks are as follows:
Underlying Fund Benchmark
Annuity Fund 10% FTSE A Government (Over 15 Year) Index, 90%
iBoxx Sterling Non-Gilts (ex-BBB) (Over 15 Year) Index
Cash Fund 7 Day LIBID
Global Equity Fund 40% FTSE All Share Index, 50% FTSE World ex UK Index, 10% FTSE AW All Emerging Markets Index
Index Linked Gilts FTSE –A Government Index-Linked (Over 5 Year) Index Property Fund CAPS Pooled Property Median
As stated above, the Growth and Accumulation Funds consist of a combination of the Global Equity Fund, the Annuity Protection Fund and the Property Fund. As such, the benchmarks for these funds are a weighted average of the benchmarks of each of the three underlying funds. The table below gives further details:
Fund Benchmark
Accumulation Fund 32.0% FTSE All Share Index 40.0% FTSE World ex UK Index
8.0% FTSE AW All Emerging Markets Index 1.0% FTSE A Government (Over 15 Year) Index 9.0% iBoxx Sterling Non-Gilts (ex-BBB) Index 10.0% CAPS Pooled Property Median
Growth Fund 13.4% FTSE All Share Index 16.7% FTSE World ex UK Index
3.3% FTSE AW All Emerging Markets Index 3.3% FTSE A Government (Over 15 Year) Index 30.0% iBoxx Sterling Non-Gilts (ex-BBB) Index 33.3% CAPS Pooled Property Median